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JC Flowers ARC makes claim on Subhash Chandra's no-compete fees

ARC says no-compete fees received from Sony should be used to repay local debt

Dev Chatterjee Mumbai

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Subhash Chandra

3 min read Last Updated : May 08 2023 | 5:09 PM IST

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JC Flowers Asset Reconstruction Company has asked the National Company Law Tribunal (NCLT) to use no-compete fees to be received by Essel group founder Subhash Chandra from Sony to repay its dues worth Rs 377 crore.

Chandra had given personal guarantees to the loans extended by YES Bank to Essel Infrastructure that later turned bad.

JC Flowers ARC had acquired the bad loans of the Essel group from YES Bank in May last year and has moved court to recover its dues. The matter will be heard on Thursday.